TOKYO-Daikyo, the country's largest condominium developer, is to be rehabilitated through a restructuring of its debts and a fire sale of its hotels, resorts and real estate leasing business. This is the first time Japan's state-backed turnaround body is to step in to help a major debtor of one of Japan's four mega-banks.

LONDON-Land Securities, Britain's biggest property company, unveils plans for a landmark euro 3.5-billion ($4.3-billion) refinancing of its debt secured against properties valued at euro 8.8 billion ($10.9 billion). The issue is an innovation in UK property financing and will be the largest securitization in the country and one of the largest in Europe.

SYDNEY-The Australian property developer, is in talks about a possible takeover of domestic rival Ronin Property, which is valued at A$1.26 billion ($900 million). A deal would further consolidate the country's property trust sector.

LONDON-Canary Wharf has been granted planning consent from the local council for an additional three million sf of offices and retail at its East London estate. But the company, which was taken over by Morgan Stanley's Real Estate Fund earlier this year, has ruled out speculative development of the site.

LONDON-Irish entrepreneur Sean Quinn has upped the stakes in the bid battle for Wentworth by raising his offer for the prestigious golf course to euro 178.5 million ($219 million). The offer tops an earlier bid by retailer Richard Caring.

LONDON-Westbrook has bought a prime residential block once home to Princess Anne for euro 94.8 million ($106.5 million)--roughly a quarter of what the property would be worth with vacant possession. The huge discount reflects concessions to existing tenants.

LONDON-Chelsfield has appointed NM Rothschild to handle the sale of the euro 2.9-billion ($3.6-billion) property company and has expanded its options to include a possible sale of only the retail portfolio. Such a move would attract more bidders than Westfield and Multiplex, the two currently in the running.

LONDON-Warner Estates and the Bank of Scotland have paid euro 126.4 million ($153.6 million) for the Grange Shopping Centre in Birkenhead. The idea is to merge the Grange with the adjacent Pyramids Shopping Centre, which now has the same owner.